Riri

Company description

Riri is a leading developer of metal accessories for the high-end luxury fashion industry. The group enjoys a unique positioning coupling the strong heritage of “swiss made” quality with eye-catching Italian design, high functionality, and utmost durability. Its positioning allows the Group to be the privileged partner of the prestigious global luxury brands. The Company is based in Mendrisio (Switzerland) with eight production plants located in Switzerland and Italy and employs ~650 people.

Context of the investment

The quality of the management, the unique positioning and the resilient underlying market convinced Chequers to partner with Riri. The main goal of the equity tory was to create a one-stop-shop developer of all metallic parts to the main luxury brands, hence enlarging the Group’s addressable market and increasing the share of wallet within its main clients.

Role of Chequers

Chequers and Management worked hand on hand to implement the strategy, with five bolt-ons including Amom (metal accessories for footwear), as well as Cobrax Metal Hub and DMC (components for leather goods). Substantial involvement of Chequers in the group’s strategy as regard to the vertical integration reinforcement, enabling highest quality and production flexibility, R&D investments to develop new materials and techniques (nickel free, MiM) and sustainability (durability and low environment impact).

Results

Since the acquisition by Chequers, Riri became the undisputable go-to partner for top high-end luxury and outdoor brands and further strengthened its leadership position thanks to efforts made on expanding its product offering and fully integrating its business model. Revenues increased from ~€100m to ~€170m in 4 years while sustaining its solid operational performance and high-organic growth. Riri was acquired in February 2023 by the Swiss-listed Oerlikon Group, seeking to diversify into the luxury sector.